Mastercard has announced that it has entered into an agreement to acquire Transfast, a US-based cross-border account-to-account money transfer network.

As part of the agreement, Transfast will complement Mastercard’s range of payment solutions by increasing worldwide connectivity in the account-to-account space. The two companies will offer applications that provide transparency and certainty in cross-border transactions. Currently, Transfast supports the Mastercard Send solution for business-to-business and person-to-person payment services.

In addition, the companies will support financial institutions, digital platforms, and other partners as they provide people and businesses the ability to send and receive money to any end-point across more than 100 markets.

Terms of the agreement were not disclosed. The transaction, which is anticipated to close in the second half of 2019, is subject to customary closing conditions.

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